Sluggish Market May 26, 2018
Posted by Tom in Thoughts.Tags: market analysis, market commentary, technical analysis
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May 25, 2018 – Not much movement in market in general this week. The S&P 500 index was up a modest 0.31%. Most of the market movement was in mid and small cap stocks (i.e. non-S&P 500). Note the broad NASDAQ Composite Index remained bogged down near the 7421 level. We’ve talked about the significance of that level last week as being the last point were “buying came into the market”. What is needed to move higher is more buying, but it looks like investors are taking a ‘wait and see’ approach.
Geo-political issues continue to cause caution. Q: Why invest new money when things are bouncing around so much? Good point. Oil got hit hard late last week with comments coming out of Saudi Aribia. Note how far Oil fell in the table below (red circle); was in the top 5 last week. That may be a short term reaction, but we’ll have to wait and see next week. Indicators remain bullish / positive, but it sure would be nice to see a decisive break above 7421 (blue line on the chart). Not much else to say right now so I’ll close with a look at sector strength in the US stock market.
Take Care & have a good week. ……… Tom ……..
Price chart by MetaStock; pie chart & table by http://www.HighGrowthStock.com. Used with permission.
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